Learn More
For more information about the Legacy Society and planned giving, contact:
Peter Raffa at peter@biartmuseum.org or
(206 ) 451-4007
Legacy Society
Including BIMA in your estate plans carries on your commitment to this vibrant cultural hub and allows the museum to plan for its future.
When you make an estate gift to BIMA (Federal Tax ID# 27-0183255) the following benefits are offered to you:
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to BIMA.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift’s full value. Please contact your tax advisor for more information.
Thank you in advance for considering a long-term gift as part of your legacy.
Ways to give
BEQUESTS
The simplest way to make a planned gift is through a bequest in your will. Your gift allows BIMA to continue its important role as a vibrant cultural institution for the region.
You may direct a bequest to support a specific area such as the community impact fund, a specific education or arts growth initiative program, the museum’s exhibitions or the museum’s general endowment fund. Bequests without a designation will allow the art museum to use the funds where they are most needed.
MAKE BIMA A BENEFICIARY
BIMA can be designated as a beneficiary by simply adding “Bainbridge Island Museum of Art” to any of the following assets:
- Life insurance
- 401(k) or 403(b) employer retirement plans
- Commercial annuities
- Checking and savings accounts
- Brokerage accounts
REAL ESTATE
Gifts of real estate can include homes, condominiums, apartments, undeveloped land, farmland, and rental property. A gift of this kind can alleviate capital gains taxes, income taxes, and brokers’ fees as well as management costs and responsibilities.
PROCEEDS FROM YOUR IRA
If you do not need to use the required minimum distribution from your IRA, you can designate BIMA as the recipient for these funds. Donating the proceeds from your IRA (partial or full required minimum distribution) will enable you to take a tax deduction on the donated funds.
GIFTS OF ART
BIMA is acquiring works of art to enhance the Permanent Art Collection and add to the Museum Assets Program. Because gifts of art require careful preparation, please visit the Permanent Art Collection Inquiries page. BIMA will guide you through the process and provide answers to all of your questions.
With all estate gifts, BIMA recommends that you meet with your attorney, professional estate planner or financial advisor to determine what is best for your personal needs. BIMA cannot provide direct guidance about which methods are best for your situation.